Interim Management Statement

RNS Number : 8257U

The Vitec Group PLC

22 October 2010

 



22 October 2010

The Vitec Group plc

Interim Management Statement

Vitec Group, the international provider of products and services for the broadcast, photographic, and MAG (military, aerospace and government) markets, announces the following Interim Management Statement for the period from 1 July 2010 to 21 October 2010.

Trading in the period since the Half Year results has been stronger than expected, with improved revenue growth and margin performance. Whilst currency rates remain volatile, and our order visibility remains limited, the Board anticipates the outcome for the current year to be ahead of its expectations.

Imaging has seen stronger revenue than expected so far in the second half. We have taken on additional people to increase our capacity to satisfy this demand. In September we launched the new Manfrotto Powerbrand range of products at the Photokina international photography exhibition in Cologne, which was enthusiastically received by distributors and dealers. Staging markets have remained weak.

In Videocom, we have continued to see a strong growth in revenues from Broadcast markets, including some one-off benefits arising from projects which were deferred from 2009. In our microwave business IMT, we have secured a $4.2m second task order from the FBI under the Auction 66 framework agreement we were awarded in April 2010. In the second half we have made volume shipments under the first task order.

Our Services division continues to sustain trading well above 2009 levels, with continuing stronger performance in large events and documentary productions.

As at 30 September 2010, Group net debt was £30.9 million compared to £35.3 million at 30 June 2010. The Group has a committed multi-currency loan facility of £125 million, which expires in August 2013, and was utilising £39.4 million of the facility (31.5%) as at 30 September 2010.

ENDS

Enquiries:

The Vitec Group plc                                       

Stephen Bird, Group Chief Executive                                         Telephone: [phone]

Richard Cotton, Group Finance Director

Financial Dynamics   

Susanne Yule / Nick Hasell                                                         Telephone: [phone]

Notes:

1.   Average foreign exchange rates in the period January to September 2010: £1 = $1.54, £1 = €1.17, €1 = $1.35.

2.   Average foreign exchange rates in 2009: £1 = $1.56, £1 = €1.12, €1 = $1.40.

3.   Our full year results announcement will be on 3 March 2011.

Vitec is an international Group principally serving customers in the broadcast, photographic and military, aerospace and government (MAG) markets. Listed on the London Stock Exchange with 2009 revenue of £315 million, Vitec is based on strong, well known, premium brands on which its customers worldwide rely.  Vitec is organised in three divisions:  Imaging & Staging, Videocom and Services.

Imaging & Staging designs, manufactures and distributes equipment and accessories for photography, video and events.

Videocom designs and distributes systems and products used in broadcasting and live entertainment, film and video production and MAG.

Services provides equipment rental, workflow design and technical support for camera, video, audio, fibre optic and wireless technology used by TV production teams and film crews.

More information can be found at: www.vitecgroup.com.

 

END

 

 

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